Waterford Grove

Waterford Grove

View Offering Memorandum and Financials

Offering Summary:

  • Location: Houston, TX
  • Year Built: 1973
  • Units: 587

Investment Highlights:

  • 587-unit, value-add, multifamily asset located in Spring Branch, a sub-market of Houston, Texas 
  • Significant revenue generation potential through a proven unit enhancement program yielding a minimum $175 average per unit monthly premiums
  • Lease trade outs averaging 5.1% on the last 50 leases signed; Current rents per square foot are 13-22% below competitive set
  • Located in the dynamic Spring Branch submarket of Houston featuring strong fundamentals of 9% annualized rent growth, compared to Houston’s overall average of 6.9%
  • Supply constrained market with zero units currently under construction; demand outpacing supply with 688 units of net absorption last 12 months on only 405 units delivered
  • Home prices average $354,902 compared to Houston average of $231,326; median income levels have grown 29% over the last 10 years
  • Spring Branch Management District has budgeted $54mm from 2016-2030 for several public infrastructure projects with 61 active new single-family subdivisions featuring home prices up to $1 million
  • Adjacent to major West Houston economic hubs such as the Energy Corridor, CityCentre, Galleria, and Memorial City

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